As healthcare providers and payers alike look to the future, it is important to stay up-to-date on the trends that will shape their decisions in the coming year. In this blog post, we will take a look at the top 10 trends from 2022 that are likely to have an impact on hospital and payer decisions in 2023. With new technologies, business models, and market forces emerging, these trends are sure to be a major factor in the decisions that hospitals and payers make in the upcoming year.
What is Value-Based Care? Value-based care is a model of health care delivery and payment that seeks to improve the quality of patient care while also reducing costs. The concept is based on the idea that providers should be rewarded for delivering high-quality services rather than simply for the number of procedures performed. This model also encourages preventative care and coordination of care, as well as better communication between healthcare providers and patients.
Under this system, providers are typically paid for their performance, meaning that they receive financial rewards for providing effective care. This can include bonuses for meeting certain quality benchmarks or incentives for providing cost-effective services.
Value-Based Care Model -The value-based care model encourages providers to focus on outcomes rather than on the number of visits or procedures performed. In doing so, it drives a shift away from fee-for-service payments and instead focuses on improving quality and efficiency.
1. Improved Coordination of Care: Value-based care encourages providers to collaborate with each other in order to provide comprehensive and coordinated care to their patients.
2. Prevention-Focused Care: By incentivizing preventative care, value-based care encourages providers to focus on keeping patients healthy rather than simply treating illness.
3. Quality Improvement: Value-based care encourages providers to measure and continuously improve their quality of care. This helps ensure that patients receive the best possible treatment.
4. Cost Effectiveness: By providing financial rewards for lower cost services, value-based care motivates providers to use fewer resources while still providing high-quality care.
Value-Based Care & Lower Costs - Value-based care has been proven to reduce healthcare costs by focusing on quality and efficiency over quantity. A recent study by the American Academy of Family Physicians found that value-based primary care led to lower costs compared to traditional fee-for-service models. The study concluded that switching to a value-based model could save up to $100 million in Medicare spending annually.
Additionally, value-based care models often encourage providers to take a more holistic approach to patient care, which can result in improved outcomes and fewer unnecessary treatments. By switching to value-based models, hospitals and payers can lower costs while still providing quality care and better patient outcomes.
The use of telehealth services has grown significantly in recent years, and that trend is expected to continue in 2023. With the pandemic causing an unprecedented disruption to traditional healthcare delivery, telehealth offered a safe and convenient way for patients to receive care from the comfort of their own homes.
Telehealth will continue to be a popular choice for patients and providers alike in 2023. As technologies improve, providers are able to offer more comprehensive care through remote sessions. This includes improved access to specialists, along with better quality care and enhanced convenience. For payers, telehealth offers an opportunity to reduce costs and increase access. Payers can work with providers to determine appropriate reimbursement models for these services, and support strategies that ensure the quality of care is maintained.
As telehealth continues to grow, it’s likely that hospitals and payers will explore innovative ways to leverage these services. By integrating telehealth into traditional care models, they can improve access while controlling costs. It’s also important to ensure that these services remain accessible and affordable for all patients. Ultimately, telehealth has already had an enormous impact on healthcare in 2020 and beyond, and it’s likely that its role will continue to evolve in the coming years. Hospitals and payers must remain cognizant of the changes in order to ensure that their patients receive the best care possible.
AI and machine learning have been increasingly making their way into healthcare. From automated medical records to predictive analytics, the use of AI is allowing medical professionals to better diagnose and treat patients. In 2022, AI and machine learning will become even more entrenched in healthcare, enabling greater accuracy and efficiency than ever before.
AI can help streamline administrative tasks, such as processing claims and paperwork, freeing up time for care providers to focus on patient care. Predictive analytics can also be used to better identify diseases and diagnose illnesses earlier, leading to improved treatment outcomes. AI can also be used to monitor patient health and provide personalized treatments, helping to improve the overall quality of care. The increased use of AI and machine learning in healthcare will also make it easier for hospitals and payers to analyze data. They will be able to more easily gain insights into trends in patient health, cost savings opportunities, and overall operational efficiencies. This will enable them to make more informed decisions when it comes to financial investments and providing better patient care.
With the potential benefits of AI and machine learning becoming more widely recognized in 2022, it is likely that hospital and payer decisions in 2023 will be heavily influenced by these trends. By taking advantage of the latest advances in AI, healthcare organizations can remain competitive and improve the quality of care for their patients.
In the healthcare industry, data analytics has become increasingly important for hospitals and payers alike. As technology continues to advance, it is becoming easier and more efficient for medical professionals to gain insights from data that can help them improve patient care and health outcomes, as well as maximize resources.
Data analytics is used to uncover trends and patterns in health data that can provide valuable insights. This includes clinical data such as lab results, imaging, and vital signs; administrative data such as billing and coding information; and financial data. With the right tools and analysis techniques, this data can be used to identify areas of improvement, predict patient behavior, and find opportunities to reduce costs.
For hospitals, data analytics can provide a better understanding of patient needs, help create better treatments and protocols, improve operational efficiency, and track patient outcomes. For payers, data analytics can inform decisions about coverage and utilization management. It can also help identify opportunities to reduce costs and improve quality of care.
By leveraging data analytics, hospitals and payers can make better informed decisions that will ultimately lead to improved patient outcomes and better use of resources. With the rise of artificial intelligence, more advanced analytics techniques are becoming available that can lead to even greater insights. As the importance of data analytics continues to grow, it’s likely that hospitals and payers will continue to rely on this technology to improve the quality of care they provide.
In the future of healthcare, wearables are expected to become an essential part of a patient’s care. Wearable devices have already seen massive advances in the last few years, and these advancements are only expected to grow in the coming years. From smart watches and fitness trackers to medical-grade wearable’s, these devices can collect data that can help patients better manage their health.
The most common wearable devices are smart watches and fitness trackers, which are becoming increasingly popular with consumers. Smart watches and fitness trackers allow users to track their physical activity, sleep patterns, heart rate, and more. This data can then be used to set goals and monitor progress toward them. Additionally, some smartwatches and fitness trackers come equipped with GPS tracking for added convenience.
In addition to consumer-oriented wearables, there are also medical-grade wearables available for use in a clinical setting. These devices offer advanced features such as electrocardiograms (ECGs), pulse oximetry, blood pressure monitoring, and more. The data collected by these devices can be used to detect potential health issues early and to make more informed decisions about care.
The Internet of Things (IoT) is also playing a large role in the development of wearable health devices. IoT devices enable wearables to interact with one another, as well as other connected devices, such as smartphones, tablets, and computers. This opens up a new world of possibilities for wearable health devices and provides access to data that can be used for more comprehensive analysis.
In 2023, it is expected that wearables will become even more ubiquitous in healthcare. With more advanced features and increased access to data, these devices will have a larger impact on how healthcare providers deliver care to their patients. The increasing use of wearables will help hospitals and payers make more informed decisions about how they approach their care plans, as well as how they allocate resources.
The past few years have seen a major shift in healthcare towards personalized medicine, with a focus on tailoring treatments to individual patients. This is especially true for precision medicine, where treatments are tailored to an individual’s specific genetic makeup. In 2022, this trend is likely to continue and become even more prominent in hospital and payer decisions.
With the development of new technologies such as gene sequencing and big data analytics, healthcare providers can now access information about a patient’s health quickly and accurately. This allows for more informed decisions to be made when it comes to treatment plans. With this new technology, physicians can customize a treatment plan for each patient based on their specific needs and genetic makeup. As such, personalized medicine has the potential to greatly improve outcomes for patients.
Furthermore, personalized medicine is cost effective as it allows for more targeted treatments that are tailored to a specific individual’s needs. This reduces the cost of treatments, as well as the cost associated with ineffective treatments.
As we move into 2023, personalized medicine will continue to grow in popularity among hospitals and payers. The use of precision medicine will become more widespread, and the use of big data and analytics to tailor treatments to individual patients will become the norm. Personalized medicine has the potential to revolutionize healthcare and improve patient outcomes.
As healthcare continues to evolve, population health is becoming an increasingly important focus for both hospitals and payers. The term population health refers to the overall health of a particular population, such as a city, county, state, or region. It is based on the idea that health outcomes are determined by multiple factors, including access to healthcare services, lifestyle choices, social determinants of health, and environmental conditions.
Source: BHM Healthcare Solutions, Inc
With the increasing focus on population health, hospitals and payers are turning to data-driven solutions to better understand their patient populations and develop strategies to improve population health. These solutions include predictive analytics and risk stratification tools, which can help to identify individuals and groups at high risk of poor health outcomes and provide tailored interventions. They can also enable hospitals and payers to monitor the progress of population health initiatives and adjust them accordingly.
The shift towards a more population-focused approach to healthcare could have a dramatic impact on the way hospitals and payers operate in the future. As they become more aware of the populations they serve and the needs of their patients, they will be better equipped to develop targeted strategies that address these needs. This could lead to improved health outcomes, better use of resources, and lower costs overall.
The emergence of Accountable Care Organizations (ACOs) is one of the top 10 trends from 2022 that are likely to have an impact on hospital and payer decisions in 2023. An ACO is a health care system that is accountable for providing high-quality, cost-efficient care to patients. These organizations often provide integrated care, meaning they coordinate services across multiple providers with the goal of improving patient outcomes and reducing healthcare costs.
Source: Boston Medical Center
As healthcare costs continue to increase and the population ages, ACOs will become increasingly important in providing value-based care. By pooling resources, ACOs are able to save money while still providing high-quality care. This is why ACOs are becoming more popular among hospitals and payers, as they can offer a more cost-effective way of delivering healthcare services.
ACOs can also improve quality of care by allowing for better coordination of care between different providers, allowing for better tracking and management of patient health records. This can result in improved patient outcomes and better care management. Furthermore, ACOs can help reduce costs by reducing unnecessary treatments, tests, and procedures.
It's clear that ACOs are here to stay and will continue to grow in importance in 2023. Hospitals and payers should take note of this trend and prepare to adjust their strategies accordingly. By leveraging the advantages offered by ACOs, hospitals and payers can save money while still providing quality care to their patients.
The growth of patient engagement is one of the top 10 trends from 2022 that is likely to have an impact on hospital and payer decisions in 2023. Patients are increasingly looking for more convenient ways to access healthcare services, and providers are responding by creating more digital solutions to meet these needs. This includes an increase in the use of digital health tools and platforms, as well as patient-facing mobile apps to help them monitor their health and make informed decisions about their care.
Source: OSP labs
For hospitals and payers, this trend could bring a variety of benefits, including increased patient satisfaction, reduced costs and improved outcomes. By giving patients the power to easily access their medical information and better understand their options, they are more likely to become engaged with their care, which can lead to improved health outcomes. Additionally, providing digital solutions can improve communication between providers and patients, helping to reduce costly mistakes due to miscommunication.
Furthermore, engaging patients in their own care through digital solutions can also help hospitals and payers to reduce costs. With better access to medical information and resources, patients are able to make more informed decisions about their care, which can help to reduce costly emergency room visits or unnecessary tests. Additionally, the data gathered from these digital solutions can help providers make better decisions about treatments and help them identify ways to reduce operational costs.
As the healthcare landscape continues to evolve and technology advances, it’s essential that hospitals and payers stay up-to-date on the latest trends in patient engagement. By investing in digital solutions and making sure that patients have access to the resources they need to make informed decisions about their care, hospitals and payers can ensure that they remain competitive and continue to provide high-quality care.
The importance of compliance in the healthcare industry has been growing steadily over the last few years. This is due to increasing scrutiny from the federal government, payers, and other stakeholders who are actively pushing for greater transparency and accountability. Compliance requires organizations to demonstrate that they are following the rules, regulations, and standards that are set forth by these entities. As such, hospitals and other healthcare providers must be well-versed in the laws, regulations, and other requirements that govern their industry.
Source: Elizabeth Simon
In order to remain compliant with the ever-changing laws and regulations, healthcare organizations must stay informed of the current trends and developments in compliance. This includes being aware of new laws and regulatory changes, understanding compliance best practices, and having an effective compliance program in place. Additionally, organizations should ensure that their staff is properly trained on the applicable laws and regulations. Furthermore, all personnel should have a clear understanding of their obligations and responsibilities when it comes to healthcare compliance.
By proactively investing in health care compliance, organizations will not only meet the industry standards, but will also save time and resources associated with potential legal actions or compliance violations. Furthermore, staying compliant can help organizations avoid hefty fines from regulators or law enforcement agencies. With this in mind, healthcare organizations should strive to make compliance a priority as it is essential for their ongoing success and sustainability.